More hawkish Fed raises recession risks

The message from the committee is clear, the Fed will expeditiously raise interest rates given it is “strongly committed” to tame inflation. (3-mins read)

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More tightening and more guidance from the Fed

As widely anticipated, the Federal Open Market Committee voted to raise the Federal funds target rate range by 0.50% to 0.75%-1.00% and signaled similar 50 basis point rate increases would be on the table for the next couple of meetings. (3-mins read)

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The Fed loses patience with inflation

For the first time since December 2018, the Federal Open Market Committee (FOMC) voted to raise the Federal funds target rate range by a ¼ percent to 0.25%-0.50% and made it clear further increases would be appropriate to tame inflation. (3-mins read)

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Russia-Ukraine Chart Pack

The Russia-Ukraine Chart Pack aims to help investors understand the investment implications of the current situation in Russia and Ukraine holistically and why it is important to stay invested

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Why Asia ex-Japan Equities Deserve a Second Look – Part II

The second paper of this two-part series written by Clara Cheong takes a deeper dive into the year-to-date performance, valuations, reasonableness of the earnings outlook for Asia ex-Japan equities and the investment implications. (9-mins read)

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Why Asia ex-Japan Equities Deserve a Second Look – Part I

In this first part of a two-part paper written by Clara Cheong, we explore the common push-backs to investing in Asia ex-Japan and broader emerging market equities as we enter a monetary tightening regime in the U.S. (9-mins read)

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The Hiking Roadmap

This paper, written by Clara Cheong, explores what happened in the macroeconomic landscape during previous rate hiking cycles of the 70s, 80s and 90s and explain why risk assets generally delivered positive returns across Fed rate hiking cycles. (9-mins read)

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Higher prices and improving labor participation, support tighter policy

This paper, written by Dr. David Kelly, discusses the FOMC's December meeting announcement.

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October CPI Report: Inflation still surging

This paper, written by Dr. David Kelly, discusses the October CPI report and what it means for investors.

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October Jobs Report: Labor market recovery gets back on track

This paper, written by Dr. David Kelly, discusses the October jobs report and what it means for investors.

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Focus on taper, not rates for now

This paper, written by Dr. David Kelly, addresses the FOMC's November meeting and their tapering plans.

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Powell tees up tapering

This paper, written by Dr. David Kelly, addresses the FOMC's September meeting announcement.

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Watching for the rise in bond yields

This paper, written by Kerry Craig, looks into the key factors that we see leading to a sustainable move higher in government bond yields, and what this means for investors.

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China’s path to policy normalization

This paper, written by Chaoping Zhu, discusses the potential path for China’s policy normalization after the country’s economy recovered from COVID-19.

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What are the implications of the Brexit deal for the economy and markets?

It is hard to remember a time when Brexit was not dominating British headlines, but at the midnight hour, UK and EU negotiators finally reached agreement on a new trade deal. This piece addresses the key questions surrounding the deal: what is covered, how does it impact the outlook for the UK economy, and what are the market implications?

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Northeast and Southeast Asia paving the way to prosperity

This paper, written by Ian Hui and Alex Cheung, analyzes the recovery of various Asian economies from the COVID-19 pandemic and discusses the near-term and longer-term regional outlook.

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Rebalancing for high-quality growth: What to expect from China’s new five-year plan

This paper, written by Chaoping Zhu, gives our prospects about China’s upcoming 14th five-year plan. To be approved in October and implemented during 2021 to 2025, this plan will have profound impacts to Chinese economy and financial market.

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A commitment to easy money

This paper, written by David Kelly, addresses the FOMC's September meeting announcement.

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Introducing our Asia COVID-19 tracker

This paper, written by Ian Hui and Alex Yeo, provides a framework for comparing the policy responses and risks faced by Asian economies from the pandemic.

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China’s 2Q GDP and June economic data improve on post-COVID rebound

This paper, written by Marcella Chow and Chaoping Zhu, discusses the rebound in Chinese economic activity and its implications for investors.

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Enhance yields with Chinese bonds in the zero interest rate era

This paper, written by Ian Hui and Chaoping Zhu, looks at the attractiveness of the Chinese bond market in the current global environment.

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The Fed’s balance sheet: To infinity and beyond

To frame the balance sheet discussion, we consider the impact to real GDP, employment and inflation under each recovery scenario.

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The European Central Bank aims to ‘thread the needle’

This paper, written by Jai Malhi, examines the European Central Bank meeting outcome and its investment implications.

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Monetary Medicine until the Patient is on the Mend

This paper addresses the FOMC's April meeting announcement.

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Taking stock of inventories

This paper, written by David Lebovitz and Meera Pandit, discusses the contribution of change in private inventories to GDP and its investment implications.

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Changing of Lagarde, but toolkit challenges remain

This paper, written by Jai Malhi, examines the European Central Bank meeting outcome and its investment implications.

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The Demographic Challenge to Above 2% Growth

This paper, written by Dr. David Kelly and Meera Pandit, analyzes the current U.S. economic growth with its factors and investment implications.

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New Bank of England Governor to be greeted by a change in the fiscal wind

This paper, written by Ambrose Crofton, addresses the latest Bank of England's interest rates announcement and its investment implications.

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Wrapping up the mid-cycle adjustment

This paper, written by David Kelly, addresses the FOMC's October meeting announcement.

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Brexit in the week ahead - crunch time

This paper, written by Karen Ward, provides an update on latest situation and timeline of Brexit negotiations.

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3Q19 Earnings bulletin: Skating on thin ice

This paper, written by David M. Lebovitz and Tyler J. Voigt, reviews 3Q19 U.S. earnings with performance of various sectors and its investment implications.

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Super Mario goes out with a bang

This paper, written by Michael Bell, examines the European Central Bank meeting outcome and its investment implications.

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Entering uncharted waters: Understanding negative bond yields

This paper, written by Alex Dryden, addresses five of the most pressing questions on negative-yielding bonds and discusses their investment implications.

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Does the yield curve inversion signal trouble ahead?

This paper, written by John Manley, examines recent yield curve inversion and its investment implications.

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China’s economy and policies: A mid-year review

This paper, written by Chaoping Zhu, provides a mid-year review on the Chinese economy and policies.

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Fed rate cut: What does it mean for investors?

This paper, written by Alex Dryden and Jordan Jackson, addresses the latest U.S. Federal Reserve’s rate cut decision and its investment implications.

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2Q19 Earnings bulletin: Threading the needle

This paper, written by David M. Lebovitz and Tyler J. Voigt, reviews 2Q19 U.S. earnings with performance of various sectors and its investment implications.

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Yield curve inversion: Understanding the fire alarm

This paper, written by Alex Dryden, examines the current yield curve and its investment implication.

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Keeping a LID on portfolio volatility for Asian investors

This paper, written by Tai Hui and Marcus Yiu, evaluates the historical returns of Asian equities and the benefits of diversification across asset classes and geographies.

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Domestic demand: Silver lining amid the cloudy Asian trade outlook

This paper, written by Marcella Chow and Marcus Yiu, evaluates the current trade outlook and analyzes our newly constructed 'domestic' vs. 'export-oriented' indices with investment implication.

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Lots of talk about tariffs

This paper, written by Gabriela Santos, David Lebovitz and Alex Dryden, evaluates the current trade uncertainty with outlook on the U.S. Federal Reserve’s direction and its investment implication.

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Why invest in alternative assets

For long term investors able to forego some liquidity, a strategic allocation to alternative assets could help to improve the overall risk/return profile of their portfolio

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European Parliament elections: The populist risk remains contained

This paper, written by Vincent Juvyns, highlights the result of European Parliament elections and its investment implications.

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Modi returns in another landslide win

Modi returns in another landslide win, written by Ian Hui, summarizes the result of Indian election and its investment implications.

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Brexit: New UK prime minister, same challenges

This paper, written by Karen Ward, addresses the current resignation of UK prime minister Theresa May and its investment implication.

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Strongly neutral

This paper, written by Dr. David Kelly, addresses the FOMC’s December meeting announcement.

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The Great Glut: A historic supply and demand shock in the oil market

This paper, written by Tillman Galler and Kerry Craig, discusses the latest movements in the oil markets amid the global pandemic and implication for investors.

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1Q20 earnings: Virus oddity

This paper, written by David Lebovitz and Tyler Voigt, reviews the 1Q 2020 U.S. earnings results and the significant volatility that has taken place.

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Chinese GDP in Recession amid Virus Outbreak

This paper, written by Chaoping Zhu, discussed the performance and outlook of Chinese economy, policies amid the global pandemic and implication for investors.

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What is the Fed doing and what does it mean for fixed income?

This paper, written by David Lebovitz, Alex Dryden, and Jack Manley, reviews the latest U.S. Fed increased liquidity actions and its investment implications.

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A COVID-driven spike in claims

This paper, written by David Lebovitz and Meera Pandit, reviews the surge in U.S. initial claims for unemployment and its investment implications.

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The COVID-19 Relief Bill-Holding the Economy in Suspended Animation

This paper, written by Dr. David Kelly, reviews the U.S> relief bill and its investment implications.

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The investment implications of COVID-19: March 17 update

This paper written by Dr. David Kelly updates the latest on the coronavirus impact to global markets.

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The investment implications of COVID-19

This paper, written by David Kelly, provides an update on the investment implications of COVID-19.

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UK monetary and fiscal stimulus – Unprecedented shock, unprecedented response

This paper, written by Karen Ward, highlights the recent rate cut by the Bank of England and its investment implications.

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Cash: it’s what you do with it that matters

This paper, written by David Lebovitz and Tyler Voigt, highlights the short-term and long-term uses of corporate cash investors could take advantage of within their portfolios.

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Cyclical tailwinds vs. secular headwinds in Asia ex-Japan equities

This paper, written by Dr. Jasslyn Yeo, explains why cyclical tailwinds support a positive stance for Asia ex-Japan equities this year, and why persisting secular headwinds mean that the investment case for Asia ex-Japan growth stocks remains strong.

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The Investment Implications of the 2020 Election

This paper, written by Dr. David Kelly, Hannah Anderson and Meera Pandit, addresses the upcoming U.S. election and its investment implications.

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4Q19 Earnings: Lots of moving parts

This paper, written by David M. Lebovitz and Tyler J. Voigt, reviews 4Q19 U.S. earnings with performance of various sectors and its investment implications.

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The European Central Bank levels up its stimulus efforts

Today’s actions from the European Central Bank (ECB) were at the upper end of market expectations.

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